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Hard times: prepare to be 25 per cent poorer

This spiralling downturn, we are told, is a failure of capitalism. Financial systems have seized up. Liberal market economics isn’t working. Someone should have intervened — there should have been regulations, mechanisms, emergency bail-outs — to stop this, and keep us getting richer. Now we must find ways to kick-start growth, recoup the losses we’ve sustained, and smooth away our debts. Adam Smith’s Invisible Hand has let us down.

Rubbish. Adam Smith’s Invisible Hand is slapping us about, as we deserve and need. We are in denial. Since 2008, and for the rest of some of our lives, what we have seen and will see is a gigantic market correction. Brutally because belatedly, the market is bringing us crashing back to earth.